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Bank M

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Bank M
Company typePrivate
IndustryFinancial Services
Founded2007
HeadquartersDar es Salaam, Tanzania
Key people
Nimrod Mkono, Chairman
Sanjeev Kumar, Chief Executive Officer
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueIncrease Pretax: US$8.04 million (TZS:12.66 billion) (2012)[1]
Total assetsUS$414.72 million (TZS:889.11 billion) (March 2016)[2]
Number of employees
213+ (2012)
WebsiteHomepage

Bank M is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in commercial banking.[3]

Overview

The bank is a medium-sized financial services provider in Tanzania. It provides financial services to individuals, small to medium enterprises, and large corporations. As of June 2013, the bank's total asset base was valued at about US$336.2 million (TZS:532 billion).[4][5]

History

The bank received its commercial banking license from the Bank of Tanzania in February 2007 and opened for business in July of the same year. Its authorized capital is approximately US $17 million (Tanzania shillings: 25 billion), of which US $6.3 million (TZS:9.3 billion) had been paid up as of October 2010.[6]

Ownership

The bank's stock is privately owned by the following individuals and corporate entities:[7]

Bank M Stock Ownership
Rank Name of Owner Percentage Ownership
1 Sanjeev 10.53
2 Bhaskar Nair 7.09
3 Sean Patrick Breslin 11.63
4 Vimal Mehta 16.03
5 Shilpa Mehta 3.40
6 Pride Tanzania Limited 3.46
7 Africarriers Limited 11.00
8 Equity & Allied Limited 12.17
9 Noble Azania Investments Limited 7.30
10 Shiva Sanjeev Kumar 1.42
11 Gissings Directors Pension Scheme 2.47
12 Ramesh Patel 3.26
13 Caitrin Breslin 0.90
14 Simon & Roisin Gregory 4.45
15 Sumaria Properties Limited 4.87
Total 100.00
  • Note: Totals may be slightly off due to rounding.

Branch Network

As of November 2014, Bank M maintains branches in the following locations, with a view to expand to other areas of Tanzania:[8]

  1. Main Branch - 8 Ocean Road, Dar es Salaam
  2. Nyerere Road Branch - 27-28 Nyerere Road, Dar es Salaam
  3. Kisutu Street Branch - 29 Kisutu Street, Dar es Salaam
  4. Uhuru Street Branch - 27 Uhuru Street, Dar es Salaam
  5. Arusha Branch - 29 East Joel Maeda Road, Arusha
  6. Mwanza Branch - 62W Capri Point, Mwanza

Governance

The Chairman of the Board of Directors is Nimrod Nkono, a non-Executive Director. Sanjeev Kumar, a shareholder in the bank is the Chief Executive Officer of Bank M.

See also

References

  1. ^ Daily Times Reporter (10 January 2013). "Bank M Operating Profit Up 41 Per Cent". Tanzania Daily News (Dar es Salaam). Retrieved 8 November 2014.
  2. ^ The Citizen Reporter (13 April 2016). "Tanzania: Bank M's Profit Up 20 Percent on Improved Interest Income". The Citizen (Tanzania) (TCT) via AllAfrica.com. Dar es Salaam. Retrieved 18 April 2016.
  3. ^ "Directory of Commercial Banks Operating In Tanzania". Bank of Tanzania (BOT). 8 November 2014. Retrieved 8 November 2014.
  4. ^ Mwamunyange, Joseph (3 August 2013). "Bank M Joins Tanzania's Top 10 Banks". The EastAfrican (Nairobi). Retrieved 8 November 2014.
  5. ^ Daily News Reporter (29 July 2013). "Bank M Assets Expand, Hit Half Trillion". Tanzania Daily News (Dar es Salaam). Retrieved 8 November 2014.
  6. ^ Elinaza, Abduel (7 October 2010). "Tanzania: Bank M Posts TSh1.48 Billion Quarterly Profit". Tanzania Daily News (Dar es Salaam) via AllAfrica.com. Retrieved 8 November 2014.
  7. ^ "Shareholder Profile of Bank M Tanzania". Bank M Tanzania (BMT). 2014. Retrieved 8 November 2014.
  8. ^ "The Branches of Bank M Tanzania". Bank M Tanzania (BMT). 2014. Retrieved 8 November 2014.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Bank_M&oldid=724276403"